National Treasury Cabinet Secretary John Mbadi said Kenya could record higher foreign direct investment (FDI) in 2026 following several major investment deals recently concluded.
Mbadi said Kenya received about $1.5 billion in FDI in 2025, compared with $3.2 billion in 2024 and about $1.3 billion in 2022 and 2023.
“We have data up to 2025. The data that I have is that $1.5 billion came into the economy as foreign direct investment in 2025. In 2022 and 2023, it was about $1.3 billion. In 2024, it was $3.2 billion.”
He said the Treasury did not yet have interim FDI figures for 2026 but expected the amount to be higher due to the large deals recently closed.
“We don’t have the interim figures for 2026, but I would expect that 2026 will be higher because of some of the large deals that we have closed recently.”
Mbadi also said the Kenya National Bureau of Statistics needs to improve the collection of FDI data to ensure the figures are available in a timely manner.
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“KNBS needs to improve the data collection on FDI so that we are able to give you this information in a timely manner.”
The Treasury CS said Kenya recorded $3.2 billion in foreign direct investment (FDI) in 2024.
Mbadi said the country received about $1.3 billion in FDI in 2022 and 2023, before the figure rose to $3.2 billion in 2024.
He added that Kenya received $1.5 billion in FDI in 2025, according to the data available to the Treasury.
Mbadi Sets Record Straight on Ruto’s Alleged Dangote Refinery Stake
Further, Mbadi said claims that President William Ruto personally owns shares in the proposed Dangote refinery should be distinguished from established facts.
Mbadi said regional governments had proposed participating in the refinery’s equity ownership, with reports indicating Kenya could potentially take a stake as part of the arrangement.
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He said such regional participation should not be confused with allegations that Ruto personally owns shares in the project.
“Distinguish between allegation and established fact. There have been proposals for regional governments to participate in equity. Reports indicated Kenya could potentially be offered a stake as part of a proposed regional participation formula. That is different from the allegation that the President personally owns shares.”
Mbadi also defended Ruto’s engagement with Dangote and other investors, saying it was part of the government’s responsibility to promote investment and remove administrative barriers.
He said the government’s focus was on attracting productive capital and ensuring investments contribute to jobs, skills and technology transfer, local supply chains, import substitution and exports.
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